News
Leading Broker: Housing Incentives Fastest Route to Economic Boost, Improved Credit Rating
With financial experts searching for ways to recover from last week’s stunning further downgrading of The Bahamas’ credit rating, a leading real estate broker today said one answer is right in front of our faces and up and down every block.
According to Mario Carey, incentives to encourage a flurry of activity in the housing market, both new construction and sales of existing homes, will spur economic growth in a way that no other quick fix with long-term benefits can.
“The housing market in Western societies is a leading predictor of economic health,” said Carey, founder and president of MCR, one of the country’s top property sales, leasing and management firms.
“Strong sales mean a strong and healthy economy and when sales fall off, it’s just a matter of time until you see a slide in all aspects of an economy.”
More than just an economic barometer, housing sales translate into jobs, he said.
“Every home that is sold generates three full-time jobs, according to research commissioned by the National Association of Realtors in the U.S.,” said Carey. “Here that number would be even greater. In both places, the spin-offs from home ownership are enormous and create sustainable business activity. It is not just the fees generated by the move itself but the ongoing expenses the homeowner assumes – lawn and gardening services, painting, perhaps pool or roofing or plumbing, electrical, air-conditioning, furniture, décor, appliances. There are also the benefits to government from Stamp Tax. On a luxury property sale of $10 million, for example, government immediately collects $1 million in Stamp Tax. Incentives move people at every income level. If the Stamp Tax is reduced to 6% for a specified time, the buyer considering a purchase may be prompted to complete and save a substantial sum when they split the tax with the seller.”
The highly successful broker who has handled more than one billion dollars in transactions in a career that spans three decades pointed to past successes when incentives were offered.
“When the government offered Stamp Tax exemptions for first time home buyers, we saw a tremendous response,” Carey said. “Then when the first $250,000 of a purchase was exempted from real property tax and Stamp Tax, it was another incentive and when the interest on outstanding balances of real property tax forgiveness was announced, that drove hundreds to bring their past due tax bills up to date. Incentives work and there has never been a better or more important time to introduce them to spur the housing market which in turn will show diversification of the economy leading to a strengthening of our credit rating.”
Carey has long argued that real estate should be recognized as the third pillar of the Bahamian economy, tying activity in the market to new construction, remodels, expansion and more.
“If anyone doubts how critical home ownership is to a healthy economy, look at what happens when sales slump,” says Carey. “When the housing market collapsed in 2008, it took the rest of the economy down with it and we are still feeling the repercussions, though I believe the economy is beginning its slow climb back up for the middle to upper middle class family who was so hard hit by the economic freefall.
“I encourage the government to appoint an ad hoc advisory committee comprised of real estate professionals, developers, financial institutions, the Bahamas Chamber of Commerce and a few successful businesspersons to report back in a relatively short period of time with recommendations for jumpstarting housing sales across the board,” said Carey. “I want to see the day when every Bahamian youngster coming out of school believes that he or she will own a home and that can be their reality. Home ownership is the single fastest route to economic prosperity. And it is one step we can take without damaging the environment or causing long-term negative impacts. It is time to explore the options.”
Bahamas News
Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday
Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.
Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries
and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.
According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.
The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.
Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.
However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.
The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.
PHOTO CREDIT: Bahamas Brass Band
News
BermudAir Launches New York Area’s First Nonstop Service to South Caicos, Now Just a 3.5 Hour Flight from Newark
Twice-Weekly Nonstop Flights Begin December 20 with Fares from $347 One Way, Creating Direct Access to Salterra Resort & Spa
– New Route Expands BermudAir’s Winter Turks & Caicos Network –
[New York, NY – August 20, 2026] – BermudAir, the leading premium leisure carrier to Bermuda and the Caribbean, today announced it will introduce nonstop flights to South Caicos from Newark this winter. The route places one of the Caribbean’s most secluded island destinations just 3.5 hours from the New York area for the first time.
The new service starts on December 20, 2026, operating on Sundays and Thursdays, and will be the only nonstop service to the destination
from the New York area. This seasonal service will operate through April 25, 2027. Fares start at $347 one way ($773 roundtrip) and go on sale today.
The new South Caicos route creates gives travelers two distinct luxury resort options, with direct access to Salterra, A Luxury Collection Resort & Spa, recently named the No. 1 resort in Turks and Caicos by Condé Nast Traveler.
Set across 85 beachfront acres with a 3,000-foot private white-sand beach, Salterra brings a full luxury resort experience to an island still defined by its historic salinas, pristine waters, bonefishing flats and uninhabited cays. Upon landing at South Caicos International Airport (XSC), guests are approximately 10 minutes from the resort.
While flights go on sale today, the airline’s BermudAir Holidays vacation-packaging division will offer curated travel to South Caicos from next month, featuring flights, hotels and authentic island experiences, with bundled discounts and value-added perks, making it even easier to explore the destination.
Previously BermudAir announced seven new routes to Providenciales in Turks and Caicos, from Newark (EWR), Boston (BOS), Baltimore-Washington (BWI), Raleigh-Durham (RDU), Fort Lauderdale (FLL), St Petersburg/Tampa (PIE) and Toronto (YYZ) which will all start in December except for Fort Lauderdale which begins October 26.
Expanded Winter Season
- To South Caicos:
- Twice-weekly nonstop from Newark (Sundays and Thursdays) from December 20 through April 25, 2027.
- To Turks and Caicos:
- Weekly nonstop from Newark (Saturdays) and one weekly direct service (Thursdays) from December 19 through April 29, 2027;
- Weekly nonstop service from Boston (Saturdays), from December 19 through May 1, 2027;
- Weekly nonstop service from Baltimore-Washington (Thursdays), from December 24 through April 29, 2027;
- Twice-weekly nonstop service from Raleigh-Durham (Thursdays and Sundays), from December 20 through May 2, 2027;
- Thrice-weekly service from Fort Lauderdale (Mondays, Wednesdays and Fridays), from October 26 through May 3, 2027;
- Twice-weekly nonstop service from St Petersburg/Tampa (Mondays and Thursdays), from December 21 through May 3, 2027; and
- Weekly nonstop service from Toronto (Saturdays), from December 19 through May 1, 2027.
“We’re thrilled to continue expanding our Caribbean network as the premium leisure carrier from North America,” said Adam Scott, Founder and CEO of BermudAir. “Now New Yorkers can fly nonstop to two distinct sides of the Turks and Caicos Islands — Providenciales and the secluded island of South Caicos, home to the exquisite Salterra and Sailrock South Caicos resorts.”
The airline consistently earns Net Promoter Scores of 70+, one of the highest ratings in the airline industry. All flights will be operated on comfortable Embraer E190 aircraft, offering passengers the airline’s signature warm service and authentic island hospitality.
“South Caicos has always felt worlds away, and that is part of its magic,” said Michael Tibbetts, Founder and CEO of Salterra. “Beginning this winter, guests can fly nonstop from Newark in 3.5 hours, land at one of the newest international airports in the region and be at Salterra minutes later. This route makes a long weekend escape and an extended stay to one of the Caribbean’s most unspoiled islands remarkably easy, without changing the sense of discovery that makes South Caicos so special.”
For more information or to book flights, visit www.flybermudair.com. Salterra will offer dedicated stay packages timed to BermudAir’s Thursday and Sunday nonstop service. To book a stay at Salterra, A Luxury Collection Resort & Spa, visit www.salterra.com
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.
The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive
showcase at the Kendal G. L. Isaacs Gymnasium. Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.
During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.
During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.
CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.
Event organizer, Donald Francois shared his appreciation for CBC’s support.
“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.
Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the
tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.
They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.
After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.
“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.
For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.
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